Value Invest

Nov 2011

Nov 2011     Issue 6

Manual of Ideas
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Simon was recently interviewed by The Manual of Ideas, a high quality online research resource for value investors, providing screening and detailed research on specific value ideas. Click on the link above for a copy of the interview, which provides commentary on two of our investments.

James Montier on the obsession with fund benchmarking
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Montier’s article in the FT argues that the obsession with performance benchmarking when comparing different fund managers in itself is destructive to future performance. He concludes by quoting from Sir John Templeton: “If you buy the same securities as other people, you will have the same results as other people.” Apologies if you get caught by the FT subscription firewall; you should be a able to access a limited number of free articles per month.

Interview with Joel Greenblatt
http://video.cnbc.com/gallery/?video=3000047297
A bullish interview from the creator of the “Magic Formula”. Joel Greenblatt argues that on a 20 year trailing cashflow yield, share prices are in the 95th percentile towards cheap.

Another Buffett interview by Charlie Rose
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This interview took place just after the announcement in September that Berkshire Hathaway was going to begin buying back its own shares. We started buying Berkshire for the fund for the first time in July and used weakness in the share price to build it into our largest position during August. It was reassuring to hear a couple of weeks later that the Chairman agrees with our analysis that it is significantly undervalued. In this interview, Buffet also comments on his confidence in the US economy and the situation in Europe.

Why every Non Executive should think like Warren Buffett
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We authored this article on behalf of the Winmark NED Network (www.winmarkeurope.com), a forum for Non Executive Directors, representing over 200 public companies and numerous private companies. It was published to the network on 8 November 2011. The article sets out a suggested framework for how Non Execs should think about capital allocation, particularly regarding acquisitions.

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Speakers: 14th May 2019

The speaker line-up will be announced in November 2018

  • “It’s very much the Rolls-Royce of the investor conference market”
    Paul Scott, Stockopedia
  • “The people in that room were a more powerful cadre of the powerhouse of investment than has been gathered for a very long time”
    Jonathan Ruffer, Ruffer LLP
  • “It’s kind of like Glastonbury isn’t it, for the Value Investing community”
    Nick Train, Lindsell Train
  • “What I like about it is that it is a practitioners conference and it’s an opportunity to come and hear from your peers about the work that they are doing and how they see value investing”
    Hassan Elmasry, Independent Franchise Partners
  • “I think people really look forward to it and enjoy it. There’s a good bunch of people here who have travelled a reasonable way – the speaker after me was from Hong Kong and there’s a big Canadian crew and a big US crew – people come from around the world to see this”
    Nate Dalton, Affiliated Managers Group
  • “If somebody’s already been through that process of seeing what the conference is about and then is willing to pay their money for the effort of coming here, that’s a great filtering process.”
    Gary Channon, Phoenix Asset Management
  • “The conference has become a part of the furniture of the London scene. You can discover that is what lies inside you – that you are innately a value investor.”
    Richard Oldfield, Oldfield Partners
  • “I do speak at a fair number of conferences to investor bases, this one is really quite a good list – some very, very good investors present and some very interesting speakers”
    Jon Moulton, Better Capital
  • “Definitely worth it and I know a number of people who have ‘ummed and arred’ about coming along and I’m sure that they will be regretting that they didn’t come today – and it’s only going to get better as far as I can see”
    Tim Green, Private Investor
  • “Having sat through the whole day as I wanted to come and hear all of the speakers – I’ve been really impressed by the quality”
    Anthony Bolton, Fidelity
  • “I’ve got a bunch of business cards to add to my collection and some folks I’ve been looking forward to meeting, plus some firms I didn’t even know existed but sound really interesting and I’m looking forward to building on that relationship base”
    Mason Morfit, ValueAct Capital
  • “You couldn’t find that anywhere else really, where you’re speaking to the principals who have been voted on to the Board [of Microsoft] to effect change”
    David Shapiro, Willis Towers Watson
  • “What I was impressed with is, because the subject is very similar, value investing, they found a variety of ways of attacking the same subject. I was also very impressed, having done this in another location, of seeing them stay on target time-wise so that it moves along at a great pace and I think the audience is greatly rewarded by that discipline”
    Don Yacktman, Yacktman Asset Management
  • “Very well organised and it was a treat for investors like us to hear some great speakers”
    Roli Saxena, Drona Capital
  • “I came last year and I liked it so much that I have been looking forward to today ever since”
    Dominique Levy, Sonian Capital
  • “We’e got a very sophisticated audience who are used to value investing – I think this is a good audience”
    David Samra, Artisan Partners
  • “The profile of the speakers is one of the main reasons that I came”
    Niels Borgen, Private Investor
  • “When you look at the ideas speakers have put forward in previous years and how they have performed over the last few years, they’ve done very well – if that performance continues it would be quite remarkable. It does show that you can pick up some good ideas at a conference of this sort”
    Jonathan Mills, Metropolis Capital
  • “I came last year as well and I thought that it was the most outstanding event that I have been to”
    Leon Boros, Equity Strategies